Tag: What is Blockchain Technology

Blockchain has now become one of the
most common buzzwords across various industries, mainly finance,
healthcare, and food. It’s increasingly becoming a trend among large
corporations to mention blockchain in their earning and strategy
announcements.

Blockchain is a type of distributed
digital ledger. This technology has proven to be the major value of
cryptocurrencies with its far-reaching implications. Some companies,
especially startups, are already using ledger technology in major
business operations.

Technically speaking, a blockchain is a
distributed database. The storage devices for the database are not
connected to a common processor. The ‘blocks’ that give the name
blockchain are a list of organized records. Every block is connected
to the previous block in a systematic manner.

The concept of blockchain was
introduced in 2008 by Satoshi Nakamoto, an unknown person or group of
people. It was introduced as part of the digital currency bitcoin.
This blockchain serves as the public ledger for all bitcoin
transactions.

In sum, blockchain has industry disrupting capabilities. The blockchain network defines a democratized system as it doesn’t have any central authority. As we now know, the blockchain is shared on an immutable ledger and the information is accessible to everyone.